# Successful $25m Placement to Accelerate Development

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947

Original source: https://announcements.asx.com.au/asxpdf/20250820/pdf/06n2qdln0q42nn.pdf

Publisher: research

Original announcement: Unknown date

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-13T17:15:23.622Z

Atlas analysis updated: 2026-10-13T17:15:23.622Z

- Company: Unico Silver Limited

- Ticker: USL

- Exchange: ASX

- Region: Santa Cruz province, Argentina

- Primary commodity: Silver

- Secondary commodities: Gold, Lead, Zinc

- Document categories: Capital raise, Resource update

- Extracted: 2026-10-13 17:15:24 UTC

Narrative sentiment: 0.45 · Bullish

## Minestarters Atlas summary

Unico Silver received firm commitments for an A$25 million placement of approximately 71.4 million shares at A$0.35, a 10.3% discount to the last closing price. Proceeds will fund an additional 30,000 metres of drilling at Cerro Leon and Joaquin, planned resource updates, a maiden Scoping Study and working capital. The announcement restates existing resource estimates rather than reporting new assays or a new resource; Joaquin's February 2013 foreign estimate is not JORC compliant.

Reasoning: The financing materially supports development milestones, with institutional backing offset by discounted equity dilution and remaining technical execution risk.

- Positive factor: A$25 million in firm commitments strengthens funding for drilling, resource updates and a maiden Scoping Study.

- Positive factor: Domestic and offshore institutional support includes North American cornerstone investors.

- Negative factor: Approximately 71.4 million new shares create dilution at a 10.3% discount to the last closing price.

- Negative factor: Settlement remains prospective.

- Negative factor: Resource upgrades and study outcomes are planned rather than completed; Joaquin's historical foreign estimate remains unverified under JORC.

- Rubric flag: Category-specific fact schemas — No capital\_raise or production fact schema was supplied; placement terms remain in the summary and interpretation, and historical production is preserved in the raw table.

- Rubric flag: Resource date precision — Joaquin's estimate is dated only February 2013; retain that provenance in the table title without inventing an ISO day.

- Rubric flag: Cerro Leon tonnage unit — Table 1 labels tonnage only as Tonnes, but its 16.47 total corresponds to the narrative's 16.5Mt; interpret its row values as millions of tonnes.

- Rubric flag: Cerro Leon lead data consistency — The printed inferred lead grade and contained quantity are not internally consistent with the stated tonnage; preserve the source values without correction.

Facts used in scoring: 30

## Classification and evidence

**Institutional Placement**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The A$25 million placement has domestic and offshore institutional support, including cornerstone investors.

Evidence · text

> including key North American based cornerstone investors.

**Discounted Equity Dilution**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: Approximately 71.4 million shares will be issued at a 10.3% discount to the last closing price.

Evidence · text

> The Offer Price represents a 10.3% discount to the last closing price

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The restated Cerro Leon resource is explicitly reported under JORC 2012.

Evidence · text

> Ore Reserves \(JORC Code\) 2012 Edition.

**Historical Estimate Only**

Polarity: negative

Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.

Why it applies: Joaquin's February 2013 foreign estimate has not been classified as a JORC resource by a Competent Person.

Evidence · text

> Table 2: Joaquin Project – Historical Foreign Estimate as of February 2013

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: Cerro Leon restates a May 2023 release and Joaquin's estimate dates to February 2013, both more than two years before this announcement.

Evidence · text

> dated 18 May 2023

## Extracted facts

Stored fact records: 30. Some facts used in scoring do not have a stored record.

## Resource Estimates (30)

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-0)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:4164d3b89ff652e481db

#### Resource Data

- Category: indicated
- Tonnes: 6820000
- Grade: 86
- Grade Unit: g/t
- Contained Metal: 18.8
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A meaningful indicated silver component, but no new resource information.

- Positive factor: Indicated classification and JORC reporting support geological confidence.

- Negative factor: Restated estimate; cut-off and effective date are undisclosed here.

Evidence · table

> 86

Context: 6.82

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-1)

Cerro Leon · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:4164d3b89ff652e481db

#### Resource Data

- Category: indicated
- Tonnes: 6820000
- Grade: 0.49
- Grade Unit: g/t
- Contained Metal: 107
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Gold contributes to the polymetallic resource rather than establishing a separate development case.

- Positive factor: 107 koz of indicated gold provides a disclosed secondary metal contribution.

- Negative factor: Historical restatement; standalone gold economics are not established.

Evidence · table

> 0.49

Context: 6.82

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-2)

Cerro Leon · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:4164d3b89ff652e481db

#### Resource Data

- Category: indicated
- Tonnes: 6820000
- Grade: 0.28
- Grade Unit: %
- Contained Metal: 41.9
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Low-grade lead has a limited, prospect-specific economic contribution.

- Positive factor: Lead quantities and equivalent assumptions are disclosed.

- Negative factor: Lead credits are considered only for Marta Centro; this is historical information.

Evidence · table

> 0.28

Context: 6.82

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-3)

Cerro Leon · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:4164d3b89ff652e481db

#### Resource Data

- Category: indicated
- Tonnes: 6820000
- Grade: 0.93
- Grade Unit: %
- Contained Metal: 140
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Zinc is a secondary contribution with restricted economic recognition.

- Positive factor: Indicated zinc content is explicitly reported.

- Negative factor: Zinc credits are considered only for Marta Centro; no new estimate is reported.

Evidence · table

> 0.93

Context: 6.82

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-4)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:23260062cc9e4e659245

#### Resource Data

- Category: inferred
- Tonnes: 9650000
- Grade: 71
- Grade Unit: g/t
- Contained Metal: 22.1
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A substantial silver component that still requires confidence upgrades.

- Positive factor: 22.1 Moz of silver establishes exploration scale.

- Negative factor: Inferred classification limits geological confidence; the estimate is restated.

Evidence · table

> 71

Context: 9.65

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-5)

Cerro Leon · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:23260062cc9e4e659245

#### Resource Data

- Category: inferred
- Tonnes: 9650000
- Grade: 0.77
- Grade Unit: g/t
- Contained Metal: 237
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Potential gold contribution remains dependent on resource conversion and project economics.

- Positive factor: 237 koz of gold contributes to the silver-equivalent inventory.

- Negative factor: Inferred classification and historical restatement constrain reliance.

Evidence · table

> 0.77

Context: 9.65

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-6)

Cerro Leon · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:23260062cc9e4e659245

#### Resource Data

- Category: inferred
- Tonnes: 9650000
- Grade: 0.77
- Grade Unit: %
- Contained Metal: 53.7
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A historical secondary-metal inventory with limited economic recognition.

- Positive factor: Lead grade and contained quantity are disclosed.

- Negative factor: Inferred classification; lead credits are restricted to Marta Centro.

Evidence · table

> 0.77

Context: 9.65

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-7)

Cerro Leon · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:23260062cc9e4e659245

#### Resource Data

- Category: inferred
- Tonnes: 9650000
- Grade: 0.77
- Grade Unit: %
- Contained Metal: 163
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Reported zinc provides potential secondary value without new technical information.

- Positive factor: 163 Mlb of zinc is explicitly disclosed.

- Negative factor: Inferred classification; zinc credits are restricted to Marta Centro.

Evidence · table

> 0.77

Context: 9.65

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-8)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:4bc6dbc69f6cc3c73db3

#### Resource Data

- Category: inferred
- Tonnes: 16470000
- Grade: 77
- Grade Unit: g/t
- Contained Metal: 40.9
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: The total demonstrates portfolio scale but does not represent newly added or uniformly indicated resources.

- Positive factor: The printed total contains 40.9 Moz silver with transparent equivalent assumptions.

- Negative factor: The total combines Indicated and Inferred material and is a historical restatement.

Evidence · table

> 77

Context: 16.47

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-9)

Cerro Leon · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:4bc6dbc69f6cc3c73db3

#### Resource Data

- Category: inferred
- Tonnes: 16470000
- Grade: 0.65
- Grade Unit: g/t
- Contained Metal: 344
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Gold is a meaningful secondary contribution within the historical combined total.

- Positive factor: 344 koz total gold supports the polymetallic inventory.

- Negative factor: The printed total combines confidence categories and adds no new resource information.

Evidence · table

> 0.65

Context: 16.47

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-10)

Cerro Leon · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:4bc6dbc69f6cc3c73db3

#### Resource Data

- Category: inferred
- Tonnes: 16470000
- Grade: 0.57
- Grade Unit: %
- Contained Metal: 95.6
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: The lead total is an inventory disclosure with restricted economic significance.

- Positive factor: Total lead content is disclosed.

- Negative factor: Economic credits apply only at Marta Centro; the total combines categories and is historical.

Evidence · table

> 0.57

Context: 16.47

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-11)

Cerro Leon · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:4bc6dbc69f6cc3c73db3

#### Resource Data

- Category: inferred
- Tonnes: 16470000
- Grade: 0.84
- Grade Unit: %
- Contained Metal: 304
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Potential zinc value is secondary and limited by the stated credit policy.

- Positive factor: 304 Mlb total zinc is reported with equivalent assumptions.

- Negative factor: Zinc credits apply only at Marta Centro; the combined total is historical.

Evidence · table

> 0.84

Context: 16.47

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-12)

Joaquin · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Joaquin
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, other
- Resource group id: resource:049518a14c2930a18be1

#### Resource Data

- Category: indicated
- Tonnes: 15700000
- Grade: 65.2
- Grade Unit: moz
- Contained Metal: 65.2
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 138
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The historical M&I inventory indicates potential scale but cannot be treated as a verified current JORC resource.

- Positive factor: The historical M&I row reports substantial silver scale.

- Negative factor: February 2013 foreign estimate is not JORC compliant and requires verification.

- Negative factor: Subsequent historical production is disclosed; this is not a current remaining-resource estimate.

Evidence · table

> 65.2

Context: 15.7

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-13)

Joaquin · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Joaquin
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, other
- Resource group id: resource:049518a14c2930a18be1

#### Resource Data

- Category: indicated
- Tonnes: 15700000
- Grade: 0.12
- Grade Unit: g/t
- Contained Metal: 61.1
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 138
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: Gold represents a modest historical byproduct contribution.

- Positive factor: Historical M&I gold quantities are disclosed.

- Negative factor: Very low gold grade; the February 2013 foreign estimate remains unverified under JORC.

Evidence · table

> 0.12

Context: 15.7

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-14)

Joaquin · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Joaquin
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, other
- Resource group id: resource:fcc8f74fe79ca607a7fb

#### Resource Data

- Category: inferred
- Tonnes: 1000000
- Grade: 3.1
- Grade Unit: moz
- Contained Metal: 3.1
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 110
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: This small historical component provides limited current underwriting value.

- Positive factor: A separate inferred silver component is explicitly reported.

- Negative factor: Inferred classification adds uncertainty to an old, non-JORC foreign estimate.

Evidence · table

> 3.1

Context: 1

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-15)

Joaquin · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Joaquin
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, other
- Resource group id: resource:fcc8f74fe79ca607a7fb

#### Resource Data

- Category: inferred
- Tonnes: 1000000
- Grade: 0.12
- Grade Unit: g/t
- Contained Metal: 3.7
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 110
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The gold component has very limited materiality and no current novelty.

- Positive factor: Gold grade and contained quantity are disclosed separately.

- Negative factor: Small, low-grade inferred byproduct inventory within an unverified historical estimate.

Evidence · table

> 0.12

Context: 1

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-16)

Joaquin · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Joaquin
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, other
- Resource group id: resource:6a6102e7394f5dc39195

#### Resource Data

- Category: inferred
- Tonnes: 16700000
- Grade: 68.3
- Grade Unit: moz
- Contained Metal: 68.3
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 136
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The historical total supports project potential, with substantial verification and currency limitations.

- Positive factor: 68.3 Moz silver demonstrates substantial historical inventory.

- Negative factor: Total combines M&I and Inferred material from February 2013.

- Negative factor: Not JORC compliant; subsequent production means it is not a current remaining-resource statement.

Evidence · table

> 68.3

Context: 16.7

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-17)

Joaquin · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Joaquin
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, other
- Resource group id: resource:6a6102e7394f5dc39195

#### Resource Data

- Category: inferred
- Tonnes: 16700000
- Grade: 0.12
- Grade Unit: g/t
- Contained Metal: 64.2
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 136
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: A modest historical gold contribution within a predominantly silver project.

- Positive factor: The printed total preserves gold's secondary contribution.

- Negative factor: Low grade and combined historical categories; the foreign estimate remains unverified under JORC.

Evidence · table

> 0.12

Context: 16.7

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-18)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:316af42d84a27c7b45a5

#### Resource Data

- Category: indicated
- Tonnes: 6.82
- Grade: 18.8
- Grade Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A meaningful indicated silver component, but no new resource information. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated classification and JORC reporting support geological confidence.

- Negative factor: Restated estimate; cut-off and effective date are undisclosed here.

Evidence · table

> 18.8

Context: 6.82

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-19)

Cerro Leon · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:316af42d84a27c7b45a5

#### Resource Data

- Category: indicated
- Tonnes: 6.82
- Grade: 0.49
- Grade Unit: g/t
- Contained Metal: 107
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A meaningful indicated silver component, but no new resource information. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated classification and JORC reporting support geological confidence.

- Negative factor: Restated estimate; cut-off and effective date are undisclosed here.

Evidence · table

> 0.49

Context: 6.82

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-20)

Cerro Leon · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:316af42d84a27c7b45a5

#### Resource Data

- Category: indicated
- Tonnes: 6.82
- Grade: 41.9
- Grade Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A meaningful indicated silver component, but no new resource information. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated classification and JORC reporting support geological confidence.

- Negative factor: Restated estimate; cut-off and effective date are undisclosed here.

Evidence · table

> 41.9

Context: 6.82

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-21)

Cerro Leon · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:316af42d84a27c7b45a5

#### Resource Data

- Category: indicated
- Tonnes: 6.82
- Grade: 140
- Grade Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A meaningful indicated silver component, but no new resource information. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated classification and JORC reporting support geological confidence.

- Negative factor: Restated estimate; cut-off and effective date are undisclosed here.

Evidence · table

> 140

Context: 6.82

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-22)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:c8ce1014f61dd2106340

#### Resource Data

- Category: inferred
- Tonnes: 9.65
- Grade: 22.1
- Grade Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A substantial silver component that still requires confidence upgrades. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 22.1 Moz of silver establishes exploration scale.

- Negative factor: Inferred classification limits geological confidence; the estimate is restated.

Evidence · table

> 22.1

Context: 9.65

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-23)

Cerro Leon · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:c8ce1014f61dd2106340

#### Resource Data

- Category: inferred
- Tonnes: 9.65
- Grade: 0.77
- Grade Unit: g/t
- Contained Metal: 237
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A substantial silver component that still requires confidence upgrades. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 22.1 Moz of silver establishes exploration scale.

- Negative factor: Inferred classification limits geological confidence; the estimate is restated.

Evidence · table

> 0.77

Context: 9.65

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-24)

Cerro Leon · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:c8ce1014f61dd2106340

#### Resource Data

- Category: inferred
- Tonnes: 9.65
- Grade: 53.7
- Grade Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A substantial silver component that still requires confidence upgrades. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 22.1 Moz of silver establishes exploration scale.

- Negative factor: Inferred classification limits geological confidence; the estimate is restated.

Evidence · table

> 53.7

Context: 9.65

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-25)

Cerro Leon · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:c8ce1014f61dd2106340

#### Resource Data

- Category: inferred
- Tonnes: 9.65
- Grade: 163
- Grade Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A substantial silver component that still requires confidence upgrades. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 22.1 Moz of silver establishes exploration scale.

- Negative factor: Inferred classification limits geological confidence; the estimate is restated.

Evidence · table

> 163

Context: 9.65

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-26)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:2feabb2da7c1cf87abd7

#### Resource Data

- Category: inferred
- Tonnes: 16.47
- Grade: 40.9
- Grade Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A substantial silver component that still requires confidence upgrades. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 22.1 Moz of silver establishes exploration scale.

- Negative factor: Inferred classification limits geological confidence; the estimate is restated.

Evidence · table

> 40.9

Context: 16.47

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-27)

Cerro Leon · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:2feabb2da7c1cf87abd7

#### Resource Data

- Category: inferred
- Tonnes: 16.47
- Grade: 0.65
- Grade Unit: g/t
- Contained Metal: 344
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A substantial silver component that still requires confidence upgrades. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 22.1 Moz of silver establishes exploration scale.

- Negative factor: Inferred classification limits geological confidence; the estimate is restated.

Evidence · table

> 0.65

Context: 16.47

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-28)

Cerro Leon · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:2feabb2da7c1cf87abd7

#### Resource Data

- Category: inferred
- Tonnes: 16.47
- Grade: 95.6
- Grade Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A substantial silver component that still requires confidence upgrades. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 22.1 Moz of silver establishes exploration scale.

- Negative factor: Inferred classification limits geological confidence; the estimate is restated.

Evidence · table

> 95.6

Context: 16.47

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/successful-25m-placement-to-accelerate-development--72e991d1-9b8f-4f6b-bb2f-aacf3657c947#fact-resource-facts-29)

Cerro Leon · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz province, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:2feabb2da7c1cf87abd7

#### Resource Data

- Category: inferred
- Tonnes: 16.47
- Grade: 304
- Grade Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A substantial silver component that still requires confidence upgrades. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 22.1 Moz of silver establishes exploration scale.

- Negative factor: Inferred classification limits geological confidence; the estimate is restated.

Evidence · table

> 304

Context: 16.47

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.